The shelf life and/or usefulness of certain liquids can deteriorate upon exposure to environmental components external to the container storing the liquid. For example, the shelf life of wine significantly decreases upon being exposed to ambient air because chemicals in the wine can be oxidized by the air, which can alter the wine's taste. In addition to wine, other liquids that are stored in sealed containers can also be oxidized or otherwise affected by exposure to the air. Current liquid extraction and/or liquid preservation devices attempt to alleviate these problems in a variety of ways; however, some are difficult to operate and may not provide an adequate solution for dispensing liquid from a container without introducing excess air into the remaining liquid. Therefore, there is a need for a liquid extraction apparatus and method that can successfully extract and store liquid to increase its shelf life and/or usefulness.